A collapse in new orders and the order backlog combined with a plunge in wages, average workweek, and number of employees has left the Richmond Fed contracting for the 3rd month in a row. The last three times this happened, The US was either in recession or The Fed unleashed QE3.
So Recession... or moar QE?
The entire survey was ugly but wages saw the biggest crash since May 2011...
Time to hike rates?!